Peter Bubel+ by | Jun 10, 2017 | Blog, Pennsylvania, Peter Bubel, Property, Property Management, Reading
There are a number of job opportunities out there, but what’s important is that when you do find a job, you like where you are. Property management is one such career that you could consider. It includes maintenance of buildings, overseeing the collection of rent, managing statistics for the properties which are under management, helping tenants move out, and essentially everything related to the rental of property.
Now, if you’re wondering whether this is the job for you, here are a few reasons why you should consider it:
1. You will be working with a variety of people
You will be working with clients, tenants, subordinates, supervisors, contractors and a number of other people. Here, you’ll be responsible for resolving conflicts, negotiating contracts and a number of other things. This will help you develop your people skills and give an edge to your professionalism. Also, by working alongside different people, there are great chances that you could run into someone who might have a major impact on your career.
2. Opportunities for growth
If you are a person who wants to take their business to the next level and keep advancing, property management is the right job for you. The property management field is growing with numerous opportunities in corporate sectors and field management. It is a great way to take your career to a higher position and keep progressing.
3. Rewarding income
Are you looking to make some good money? This is totally the industry for you! You’d be pleased to hear that property managers are paid really well. The average annual salary of a property manager ranges between $45,000 to $65,000. It can increase as you gain experience in the field and get more number of properties in your portfolio.
4. You won’t have to sit in your cubicle the whole day
This is the exciting part of the job. Who wants to sit at a desk for a whole 8 hours? Also, consider the health conditions that you’ll be exposing yourself to by doing so. You don’t have to worry about that anymore. In property management, you’ll be making visits to the sites in your portfolio, while also managing administrative tasks.
5. You don’t need any particular degree
You are probably worried whether you have a qualified degree for the job. Well, you don’t need a specific one as such. If you have good communication skills, morals and a good amount of motivation, you’re set to go! The company will be training you anyway.
Peter Bubel+ by | May 31, 2017 | Pennsylvania, Peter Bubel, Property, Property Management
Property management is not a formal university educational role or any technical field. Owning a property makes you a property manager and a landlord, though they may not be one and the same person at times.
What Does The Role Entail?
A property manager’s first accountability is to the law, second to the landlord, and third to the tenant. The law varies from location to location and property managers ought to be well-versed with local ordinances to ensure success in their commerce.
To cement the credibility of the property managers, there are different certifications and licenses which enable them to make their position in the market more recognizable.
A certification is an invaluable asset to your career as a property manager. They help you in sustaining the faith of your clients. Many localities require the manager to obtain a property management license to conduct business in a particular district. These licenses can be acquired by paying a predetermined fee and passing a test.
Most of the licenses are available through online guidance and instructions. There are a number of sites which provide property management training online.
You may have to provide enough documentation proof to validate your professional experience in the area. Thus, to become a property manager, it is advisable to acquire one of these certifications, particularly a real estate license and CMCA.
Few of the top commercial and residential certifications and licenses for property managers are:
- CMCA (Certified Manager of Community Associations)
This certificate is created by Community Associations Institute (CAI). This is one of the most useful and significant certificates that a property manager should possess.
The managers are made members of the organization which bestows this certificate. They are constantly updated about the various property related laws and the amendments therein. It helps them to be well-versed and get their front foot in the market.
- CPM (Certified Property Manager)
To qualify for this certificate is not a cakewalk. It is one of the highly respected and credible certifications, and is awarded by the Institute of Real Estate Management (IREM).
Other certificates which IREM provides are ARM (Accredited Residential Manager), AMO (Accredited Management Organization), and ACoM (Accredited Commercial Manager)
- CAM (Certified Apartment Manager)
This certificate is awarded by the National Apartment Association (NAA). It majorly deals with apartment rentals. The programs of CAM are available online. This certification requires the candidate to undergo a series of courses, complete a project and pass an examination.
Peter Bubel+ by | May 1, 2017 | Blog, Peter Bubel, Property, Property Management, Real Estate
Rental properties can either be money making machines or money pits. Like so many other things in life, however, by spending a little bit of money on your rental property, you can not only charge a higher rent, but you will attract better renters. When it comes to choosing the right renters, there are no 100% guarantees. Even the most well-off renters can trash a place and skip out on paying rent. There are ways, however, to at least hedge your bets and having a clean, attractive property that is attractive to solid renters is your best bet. Here are 5 quick tips for beautifying your property to attract the best renters.
- Paint an accent wall or two in a dark, neutral color
One of the things many renters hate about rental properties is bare white walls. While white walls fit in with any renter’s decorating scheme, an accent wall immediately makes your property look more high end. While some people may not care for the accent wall, the potential renters that will love it far outweigh the ones who might not.
- Do a simple renovation in the kitchen
Renters love knowing that their living space was recently upgraded and it doesn’t have to cost a fortune to do it. If you really want to create a splash, you can have cabinetry painted in a more modern color, but there are also simpler things you can do as well. Installing a tile backsplash or upgrading the hardware on cabinets will all go a long way to improve the look of the kitchen.
- Laminate floors
While carpeting may be significantly cheaper up front, carpet gets dirty fast and has to be replaced more often, particularly if renters have pets. Laminate floors are durable, long lasting and significantly more resistant to pet stains, odors and cat dander. Not to mention they give a high-end, modern look to your rental.
- Clean grout
Giving grout a thorough cleaning will freshen up the look of any tile and make it look brand new.
- Do a simple bathroom renovation
Much like with the kitchen, there are a number of simple bathroom renovations you can do to significantly enhance the look of the bathroom. Consider changing out bathroom hardware for something slightly more durable and modern, paint the vanity and change the hardware or even spend a few hundred dollars to update the bathtub.
Peter Bubel+ by | Apr 6, 2017 | Blog, Peter Bubel, Property, Property Management, Reading, Real Estate
Contrary to popular belief, the life of a property manager isn’t as glamorous as you think it would be.
In fact, the daily tasks of a property manager change so often and are spread across so many areas that it’s hard to pin down the exact definition of what a property manager does. For simplicity’s sake, it’s best to just think this: property managers do it all.
Pick a hat, any hat.
There are several aspects of a property manager’s day that are very typical. These include the simple office tasks that anyone within the real estate and management spectrum would do: responding to emails, answering phone calls, putting out any fires (hopefully only figuratively speaking), and meeting the needs of clients. Essentially, however, a property manager is responsible for the daily operations of a real estate investment. This investment could be a single home, an apartment complex, or several complexes.
Property managers are expected to handle everything from setting or adjusting rent costs, to calming an angry tenant. A successful property manager must be able to multitask and handle many different climates of conversation, including the difficult task of evicting tenants. While it may seem very cut and dry, a manager’s day is always full of the unexpected, and they must be able to tactfully handle every situation thrown their way.
Aside from collecting rent checks and maintaining a friendly atmosphere for tenants, property managers have quotas to fill. There are always goals in any management level of a company. Filing taxes and managing a building’s budget costs are large parts of the job that often go unnoticed as they don’t directly deal with tenants. Managers also often have pressures to secure a certain number of tenants for any given building. This will require the set-up of many showings, the review of many applications, and running all of the credit and background checks on tenants to secure their approval for residency.
All in a day’s work.
What many may not realize is that there are an infinite number of reasons that someone would call, email and need their property manager. This requires managers to act professionally but also to have a good sense of humor in order to get through the day.
A recent article on the subject recounts the busyness of a manager, stating, “We are busy, even when the residents don’t see it.” This says a lot about a property manager’s responsibilities and about how much work goes on behind the scenes.
If you think about it, your property manager is your sole point of contact for when you lose your keys or get locked out of your building, discover a leaky pipe or broken air conditioner, and when you have to make a formal complaint about a neighbor. It’s important to be kind to your property managers, as they have a ton of tenants that are likely calling or emailing about the same things.
Most importantly, property managers have a passion for people. While they may be up to their eyeballs in paperwork and applications, a good manager will always carve out time to take care of a tenant’s needs. The next time you see your property manager running around, give them a wave and a smile – it’s very likely that they are headed to handle something unpredictable and unexpected.
Peter Bubel+ by | Feb 13, 2017 | Peter Bubel, Property, Property Management, Real Estate
Real estate is one of the safest of all investments. An investment in real estate is an investment in something that is likely to retain value and even grow in value. However, investing in real estate can be tough. Unlike some other forms of investing. investing in real estate means being active and hands-on. Many people who buy properties find that they may not have quite the knowledge they need to make sure their investments remain stable and in good shape. This is why so many investors find it helpful to turn to a property manager. Working with a property manager has many advantages.
Tremendous Expertise
Some people come to the field of real estate with many years of experience in the field. Others, however, do not have the same understanding. In that case, hiring a property manager can provide them with access to such expertise. A property manager typically knows exactly how to accomplish certain tasks such as investigating a tenant properly. The real estate novice may lack this same skill. Whey they may have a rudimentary idea of how to do the basics, they may not be sure what to do in the event of a tenant who isn’t quite up to the standards they’ve set for the property.
Working With Tenants
Another area where a property manager can really take the stress out of real estate investing is that managing the day-to-day activities of tenants. If something goes wrong late at night, the real estate manager can instantly confront the problem. A real estate investor may live far away from the property or even in another state. A real estate property manager will typically live onsite or at least a short distance away. This allows them to speak with tenants directly and find out the source of the problem immediately.
Local Court System
Evicting a tenant who is be behind on the rent can be tough. A real estate owner may not know where to start. A skilled real estate property manager will know exactly how to help. They know what the laws are in that state as well as the tenant’s rights. Many property managers also have access to real estate lawyers on hand. The real estate lawyer can offer the sort of expertise that can make the difference between a property that is turning a profit and one that is showing a loss.
Attention to Detail
A busy property investor may not have time to pay attention to all the details of their property such as landscaping or making minor repairs each season. The property manager can do this for them, allowing the investor to know their property is in good shape all year long.
Peter Bubel+ by | Jan 9, 2017 | Peter Bubel, Property, Property Management, Real Estate
Good property managers commit themselves to providing the ideal rental experience for tenants. They’ve sworn to manage tenant complaints, field queries and accommodate requests to the fullest extent their managerial powers allow, because they realize that tenants are the source of their profits, and therefore it would be mutually destructive to do anything less than keep tenants thrilled with their current living situation.
Great (and financially successful) property managers and landlords only become known as such by building effective professional relationships; they rely on the fact that their reputations for efficiency and attentiveness are cemented through heaps of praise from tenants.
Both tenants and landlords count equally on each other’s efforts to achieve peace and prosperity, which means landlords reserve the right to be as selective when vetting potential renters as tenants are when choosing places to live. And just like identifying the gems, recognizing possible indicators of a less than ideal tenant is essential to a landlord’s success, so below I’ve listed the major red flags to watch out for when screening tenant applicants.
- A bad credit score – Credit scores are maintained by making payments in a timely fashion, so it’s sensible to assume that applicants with bad credit might have trouble paying rent on time, or at all. Applicants with a score of 620 of greater are far less likely to miss payments.
- Lacking a steadily/adequately paying job – Employment status is a huge indicator of potential payment issues; if a tenant is unemployed, or employed at a job that doesn’t steadily pay at least 2.5 – 3 times the monthly rent, expect an occasional struggle when collecting their rent.
- A hurried move – Tenants might have their reasons for seeking immediate housing (leases ending, terrible previous experiences, etc.), but use your best judgement when considering these situations, as a tenant’s eagerness to jump into a rental agreement could equal their willingness to flake out of one, and stiff you.
- Needing additional time for the deposit – If a tenant can’t even manage a timely initial deposit, the probability of always receiving prompt rent from them may be practically nil.
- Poor or nonexistent references – A great reference from a previous landlord, or commendations from an employer can alleviate previous concerns about applicants. However, serious questions arise when references fail to answer questions relevant to a tenant’s reliability, or cannot be reached anywhere.
- Applicants new to living together – The potential for miscommunication between you and your renters rises slightly with each additional tenant per unit, but the main concern with multiple applicants is whether they can coexist peacefully as roommates, which hasn’t been proven if tenants have never before lived together successfully. Failed experiments in companionship easily lead to broken leases and lost profits.
- Over 3 (serious) convictions in 5 years – If tenants consistently break the law, it’s difficult to expect them to honor your building regulations, or respect lease agreements.
